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Bitcoin BTC ETF 101, October 2018

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Bitcoin BTC ETF is nothing but an Exchange Traded Fund whose underlying asset is Bitcoin. In Bitcoin BTC ETF 101, we discuss the implications of this ETF

Prophesying the effect of the Bitcoin BTC ETF

 

What is an ETF?

An Exchange Traded Fund is an investment asset which is highly stable and has a lot of upper hands when compared to the relative investments of its kind. The exchange-traded funds usually act as a security to any particular asset and its value is connected with it. The Exchange Traded Funds provides immense amounts of liquidity, as it is traded very similarly to the traditional stocks in the Stock Markets on a daily basis. the exchange-traded funds generally have advantages like greater return on Investments, trading during the daytime, low operational costs, no sales load, etc.

 

What is Bitcoin BTC ETF?

Bitcoin BTC ETF is nothing but an Exchange Traded Fund whose underlying asset is Bitcoin. the Inception of the concept of Bitcoin BTC ETF has resulted in the hybrid of two of the most trending investment domains in the market. In simple words, the customers would not be required to follow complex procedures which are necessary to own and store Bitcoins. However, there is a thin line between Blockchain ETF and Bitcoin BTC ETF. The investors can also short sell shares, concerning the Bitcoin ETF, if they foresee a Bitcoin fall in the future.

 

How is ETF going to change the Bitcoin Story?

Bitcoin ETF will have a very positive effect on the cryptocurrency Bitcoin, as high amounts of liquidity can be poured into the domain indirectly, as more number of investors join the bandwagon through the traditional stock market way. It can also be cited as a small step towards the global democratization of Bitcoin. The face of Bitcoin would be changed forever, as the traders reluctant to deal with the complex procedures of buying and storing Bitcoin, would find a great relief in the Bitcoin BTC ETFs. Even though cryptocurrencies are quite popular these days, the ETFs have been in the investment market from time immemorial. Therefore, they are highly familiar and reliable.

 

Will Bitcoin ETF increase the volumes in Bitcoin trading?

Bitcoin ETF propels a lot of perks towards the original Bitcoin. Although the cryptocurrencies are quite popular, it is yet, not the mainstream investment asset in many portfolios. Even a mere discussion of the Bitcoin ETFs spurs fluctuations and in particular a boyish momentum concerning Bitcoin, which is an indirect indication about the increase in the trading volumes of Bitcoin. The anticipation of the decision of the Securities and Exchange Commission, regarding the approval of Bitcoin BTC ETF, has initiated many activities in the Crypto domain, but many prominent figures don’t seem to be contended with their initiative and consider it to be an interference.

 

When is the next Bitcoin BTC ETF decision?

On 20th September 2018, the Securities and Exchange Commission unveiled that they needed much time to decode the complexities of introducing Bitcoin BTC ETFs and therefore extended the deadline regarding the next Bitcoin ETF decision to 29 December 2018, regarding the VanEck-SolidX Bitcoin ETF. The entire crypto domain has become restless, as the Securities and Exchange Commission keeps postponing the decision. On 7th August 2018, the SEC had decided to postpone the decision regarding the Bitcoin ETFs to 30th September 2018. The Securities and Exchange Commission is quite confused, as Bitcoin is entirely unregulated and all the fraudulent activities underlying it.

 

What impact does this decision have on Bitcoin Price?

The decision would be quite affirmative concerning the Bitcoin activity, in general. Keeping an increased market liquidity in mind, provided by the Bitcoin ETFs, the cryptocurrency market would undoubtedly gain acceleration. It has been quite a long time since the proposal of Bitcoin ETFs and that itself had spurred chaos among the investors. The proposal of Bitcoin ETFs would trigger the inception of many other fleets of financial vehicles along with it. Therefore, the Crypto market would undoubtedly be expanded like never before. But according to some experts in the crypto domain, the prices of Bitcoin would not be affected as much as it is anticipated.

 

In a nutshell, there would be some kind of influence of the Bitcoin ETFs in the Crypto domain. They might also initiate a fire among other crypto community, to initiate their respective Exchange Traded Funds.  

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#Bitcoin

Can Cryptocurrencies be the solution for the 2020 predicted US Recession?

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JPMorgan Chase has predicted a 60 percent chance for the next US recession to happen by 2020. Can crypto be a viable solution to existing stores of value?

JPMorgan Chase has predicted a 60 percent chance for the next US recession to happen by 2020. In a global market crash, can crypto be a viable solution to existing stores of value?

“The probability of a U.S. recession inside one year is right around 28 percent, and rises to more than 60 percent over the next two years, researchers wrote in a note this week. Over the next three years, the odds are higher than 80 percent, as indicated by the note,” Bloomberg reported.

 

Why Do Experts predict a Recession?

As indicated by the Federal Reserve Bank of New York, there exists a mere 14.5 percent chance of a recession happening before the end of 2019.

Stephen Stanley, the chief economist at Amherst Pierpont, suggested that 2020 could be considered as a premature period for the next US recession to happen yet he echoed a comparative sentiment to JPMorgan in that while the US economy remains solid with low unemployment rate and a bull market, the danger of a recession in the years to come exists.

Generally, the larger part of economists in the US forecast a recession to happen in the next a few years. David Altig, Federal Reserve Bank of Atlanta research director and NABE’s survey chair, disclosed that 66% of business economists in the US expect the market to crash before the end of 2020, for the most part, due to trade issues.

“Trade issues are clearly influencing panelists’ views,” Altig stated, expressing that trade issues and high-interest rates imposed by the Fed leave US markets vulnerable to a mid-term crash.

 

Is Crypto the solution?

Amid a period in which numerous economists forecast a market crash and a noteworthy recession in the next two years, the demand for crypto has increased quickly.

While not portrayed by the prices of significant cryptocurrencies, financial institutions, for example, Fidelity, Goldman Sachs, and Citigroup have established the infrastructure to target institutional investors intending to invest in the advanced asset market.

Banks and investment firms have prevented from establishing businesses in the cryptocurrency sector due to the absence of regulatory certainty in the market. Experts have stated that the suddenly emerging trend of major financial institutions entering the crypto market suggests the demand for crypto from investors in the traditional finance sector has increased quickly in the previous several months.

As Jim Hamel, portfolio manager at Craftsman Global Opportunities Fund explained, the computerized payments industry has experienced exponential development in recent years, which could normally lead investors to cryptocurrencies.

“There are a number of tailwinds adding to this trend. In the first place, we’re seeing fast development in e-commerce, which requires that customers be able to make secure advanced payments. The development in cross-border transactions and the general effect of an increasingly globalized marketplace are helping accelerate this trend.”

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Bitcoin Core Client Controvercy, BitMEX vs Bitcoin Core Client

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The Bitcoin Core client has always been in the news for its controversies or bottlenecks. Therefore, it is a fantastic step taken by Bitmex.

Why do we need updates concerning Bitcoin clients?

Bitcoin has many controversies revolving around it, and so does Bitcoin Core Client. However, history has been evident that the one which is the most valuable is also the most controversial one. To keep up with the changing times, many upgradations have been done to the Bitcoin skeleton. Many updates regarding the Bitcoin transactions. size of the Bitcoin blocks etc, to keep the Bitcoin network viable enough to be used.

 

What is Bitcoin Core client?

A Bitcoin client is a node which is required by every user who wishes to join the Bitcoin network. He or she is enabled to initiate transactions on the network as the client provides a Bitcoin wallet. There are various versions of Bitcoin clients which have been developed until now, and Bitcoin Core is the third in the list. Initially designed by Wladimir van der Laan, it requires the availability of the entire Bitcoin ledger to use its services which approximately accounts to 155 GB. However, this particular Bitcoin client has been under constant controversies for various reasons, since its inception.

 

Hardships faced by the Bitcoin Core client

Bitcoin core client was initially known as just Bitcoin. To avoid confusion, its developer decided to rename it as Bitcoin Core, but he faced a lot of criticism as people believed that this was against the idea of decentralization. Nevertheless, many Bitcoin enthusiasts supported the idea. Although Bitcoin Core governs the consensus rules of the Bitcoin network, it is not as powerful as it seems. One can very quickly shift to other Bitcoin repositories if the client becomes inefficient. This was evident when many Bitcoin enthusiasts, slipped from Bitcoin Core to Bitcoin UASF, in 2017 during the block size war.

 

Bitcoin Bitmex Research to dethrone Bitcoin core client

Bitmex has come up with a unique idea of initiating a dedicated Bitcoin client to compete with the Bitcoin Core. In their official blog post, the company also explicitly mentioned that it was solely doing it to eradicate the belief from the minds of people that Bitcoin Core controls the Bitcoin network. Specifically, it is a soft fork of the Bitcoin Core implementation. Therefore, the users need not worry about, the Bitcoin Core getting tampered, as subsequent improvements can be initiated with the new Bitcoin Bitmex research. Bitcoin Core client was considered as an excellent influencing authority which controls the market price of Bitcoin, but it is the end users to manage the Bitcoin network as designed by Satoshi Nakamoto.  

 

Lethargic attitude of developers of the Bitcoin Core client

The Bitcoin Core client is highly inefficient as the network requires the synchronization of the entire blockchain, which is enormous. Therefore, many users have been complaining in this particular regard, as it took some of them, days together to complete the process. More recently in September 2018, the Bitcoin Core client was once again in the LimeLight for it’s a critical bug which was discovered two years back, in November 2016. The problem was so delicate that would have led to a complete crash of a particular node if left unchanged. The developers took the matter seriously only now, and have updated the version by fixing the bug, from versions 0.14 to 0.16.3.

 

Bitcoin Bitmex research would be there to serve people

The Bitcoin Core client has always been in the news for its controversies or bottlenecks. Therefore, it is a fantastic step taken by Bitmex which has recently announced to release a dedicated client, Bitcoin Bitmex Research. This would be a great sigh of relief, as the customers would be less vulnerable to illicit activities that happen in the Crypto space leading to the losses of funds. Therefore, for the people who are looking forward to the Bitcoin Bitmex research client, some amount of patience is inevitable, as developers are still in the process of developing it.  

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Bitcoin: Long Term Trading Signals 22 Oct

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Bitcoin is in consolidation and trading between $6700 in the upper supply area and at $6250 in the lower demand area of the range.

LONG-TERM Trading Signals for BTC/USD

Bias for Bitcoin (BTC) – Ranging

Resistance Levels- $6800, $6900, $7000

Support Level-$6100, $6000. $5900

 

Bitcoin is still in a range-bound market on the long-term outlook. The struggle for the market control between the bulls and bears remains obvious. The bulls progressive movement that started on 12th October after the spinning top saw BTCUSD at $7788 in the supply area on 15th October. This led to the break of the upper resistance area and the 200-EMA.  

The bears’ pressure forced the candle to close at $6742 within the range and below the 200-EMA. BTCUSD was down to $6511 in the support area on 20th October due to the sustained bearish pressure.

 

BTCUSD chart

BTCUSD chart

 

The formation of a bullish railroad on 20th October indicates the bulls gradual return.  Should the daily candle of 21st October close bullish, it will suggest the bullish pressure within the range will be stronger as price sits above the 34 EMA

Bitcoin is in consolidation and trading between $6700 in the upper supply area and at $6250 in the lower demand area of the range. A breakout at the upper supply area or breakdown at the lower demand area is imperative. To flow with the trend, traders should be patient to allow this to take place before taking a position.

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